With 8.3% CAGR, Electric Heat Tracing Market Growth to Surpass USD 3.8 billion
Posted by edwardzmusso on November 4th, 2022
The Electric Heat Tracing market is projected to grow from USD 2.5 Billion in 2022 to USD 3.8 Billion in 2027; it is expected to grow at a CAGR of 8.3% from 2022 to 2027. The growth of the market is attributed to the increasing adoption of electric heat tracing systems over conventional steam tracing systems, the rising demand for energy-efficient electric heat tracing systems, and low maintenance cost of electric heat tracing systems are the factors driving the growth of the electric heat tracing market.
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Growing demand for heat tracing systems from various end-user industries
End-user industries of heat tracing systems range from oil & gas, power & energy, chemicals to food & beverages, oil & gas, refineries, and petrochemical industries are the major contributors to the market growth of electric heat tracing systems. The oil & gas industry is one of the major industries in which electric heat tracing systems are deployed for several applications such as upstream, midstream, and downstream components of oil and gas production: processing, storage, and distribution applications which needs to be kept at certain temperature for peak performance. Similarly, while extracting the oil and natural gas for the first time from the ground high temperature being used to bring them to the ground. Therefore, Heat tracing is used during the processing of gas, heavy oils and petrochemicals to keep the refinement process running smoothly. The demand for heat tracing equipment is expected to increase in the coming years due to the increase in exploration and production activities in the oil & gas industry, once the industry recovers from the economic downturn. Oil and gas exploration companies seek for highly technical and eco-friendly solutions. In the Arctic polar region, the extremely low ambient air temperature and strong wind create snow and ice conditions that require unique operational heat tracing solutions for oil and gas-carrying pipelines.
Installation of heat tracing systems for tanks and large vessels can be challenging
Tanks and large vessels are used to store water, chemicals, ammonia, resisns, and oil in various process industries, such chemical, food & Beverage, pharmaceutical, and oil & gas, among others. Installing heat tracing systems on large tanks can be challenging. For instance, if the tank size increases, the chances of significant heat loss are also high. Thus, electric heat tracing solutions are required to balance the heat lost with the heat supplied to the tanks and large vessels. Installing heat tracing systems is difficult and expensive for large tanks as heat tracing repairs heat losses from tanks and vessels as thermal insulation is not always enough to compensate for such heat losses. Thus, installing heat tracing systems for large tanks incurs significant cost. Additionally, repairs or replacements are time-consuming once the tank is insulated.
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North America to lead electric heat tracing market in 2027
The market in North America is expected to hold the largest share as well as grow at the highest CAGR during the forecast period. The region is one of the long duration cold weather regions, therefore, the demand for electric heat tracing is more compared to the other regions. These electric heat tracing is to prevent pipes and vessels from freezing and maintain the process temperature. Furthermore, US has the largest network of oil & gas pipelines in the region, Similarly, Canada is one of the largest energy producers in the world. Hence, protecting the pipelines from freezing in cold weather and maintaining the temperature of fluids in pipelines is important.
The key players in the Electric heat tracing market include nVent Electric plc (UK), Thermon Group Holding, Inc. (US), Spirax-Sarco Engineering plc (UK), NIBE Industrier AB (Sweden), BARTEC Top Holding GmbH (Germany), Danfoss (Germany), eltherm GmbH (Germany), Emerson Electric Co. (US), Watlow Electric Manufacturing Company (US), Drexan Energy System, Inc. (Canada)
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Joined: February 8th, 2021
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